Technology company Raidiam integrates with NayaOne's tech marketplace
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In a significant move to bolster cybersecurity in the Open Banking landscape, NayaOne and Raidiam have joined forces. This partnership aims to provide rapid prototyping, experimentation, and a secure transition into real-world production.
Raidiam, a global leader in API access management, has now joined NayaOne's Tech Marketplace. With over 1,000 banks worldwide already utilizing Raidiam's technology, the partnership is set to accelerate engagement with their products and shorten the innovation lifecycle.
Raidiam's platform includes embedded finance innovation, allowing real-world use cases to be scaled from sandbox to production. The collaboration is designed to help institutions unlock embedded finance and platform business models at pace.
The partnership is particularly beneficial in navigating Open Banking and regulatory compliance. Raidiam's technology aids banks in offering their customers account connectivity to the apps they love, while cementing their role at the heart of their customers' financial lives, and protecting against cybersecurity risks.
Onboarding new partners and data-recipients is typically manual and time-consuming in the context of API access management. However, Raidiam's platform offers self-service onboarding to make it easier for partners and customers to adopt APIs, thus reducing engineering dependency and accelerating time-to-value.
Key rotation practices for API access management are often considered cumbersome. The collaboration addresses this issue by integrating Raidiam's API access management technology within the NayaOne marketplace. This integration provides secure and controlled access to Open Banking APIs, helping to mitigate cybersecurity risks such as unauthorized data access and misuse.
The combined solution supports compliance with security standards and regulatory requirements while facilitating seamless and secure data sharing. By joining NayaOne’s platform, Raidiam enables a more robust and secure environment for managing API credentials, access permissions, and monitoring, thus strengthening the overall security framework for Open Banking interactions.
Barry O'Donohoe, CEO of Raidiam, and Karan Jain, CEO of NayaOne, are both committed to supporting digital transformation across key regions, including the Middle East. This partnership is a testament to their shared vision of a secure and innovative future in the Open Banking ecosystem.
For further reading, you can refer to the article "Smart Data Foundry and NayaOne forge financial innovation partnership".
[1] This partnership leverages Raidiam’s expertise in fine-grained access control and real-time authorization with NayaOne’s ecosystem to ensure that only trusted and authorized parties can access banking data via APIs. Consequently, it enhances security by reducing vulnerabilities related to API exploitation and data breaches, which are significant concerns in Open Banking frameworks.
- The partnership between NayaOne and Raidiam is focused on enhancing security in the Open Banking landscape by incorporating Raidiam's expertise in fine-grained access control and real-time authorization.
- By collaborating, these two companies aim to minimize vulnerabilities related to API exploitation and data breaches, which are significant concerns in Open Banking frameworks.
- The integration of Raidiam's API access management technology within the NayaOne marketplace provides secure and controlled access to Open Banking APIs, contributing to a more robust and secure environment for data sharing in global finance.
- The collaboration between NayaOne and Raidiam is expected to accelerate engagement with their innovative products, shortening the innovation lifecycle in the technology sector.
- With the integration of Raidiam's technology, institutions can offer their customers account connectivity to the apps they love while maintaining compliance with security standards and regulatory requirements in a variety of business settings.
- The partnership between NayaOne and Raidiam is a strategic move towards a secure and innovative future in the Open Banking ecosystem, reflecting the shared vision of both CEOs, Barry O'Donohoe and Karan Jain, in supporting digital transformation across key regions, including the Middle East.
